The nonprofit system reported revenue of $1.5 billion in the three months ended Nov. 30, up from $1.3 billion in the same period of the year prior. The growth was partially due to an increase in net patient service revenue, which rose 18.6 percent year over year to $1.42 billion, according to recently released bondholder documents.
The system also saw expenses grow year over year, from $1.2 billion to $1.4 billion. Once expenses were factored in, the health system ended the first quarter of fiscal year 2019 with operating income of $112 million. That’s a 3 percent increase from operating income of $109 million in the first quarter of fiscal year 2018.
After factoring in nonoperating gains and losses, including loss on investment, Northwestern recorded a net loss attributable to the health system and subsidiaries of $13.3 million in the quarter ended Nov. 30. That compares to net income of $337.5 million in the same period of a year prior.
More articles on healthcare finance:
Positive outlook seen for US healthcare stocks this year
Kansas hospital is stable despite manager’s financial struggles, CEO says
Trump administration working on plan for Medicaid block grant program
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
